NEW YORK HOTEL BUSINESS. has learned that Olympus Real Estate is in final negotiations with two parties for the sale of the Algonquin hotel here. According to sources close to the transaction, the selling price will be in the high $40-million range.
As previously reported by HOTEL BUSINESS., Olympus Real Estate enlisted Eastdil Realty in January to broker the sale of The Algonquin hotel. Eastdil initially advised Olympus to set an asking price of as much as $50 million, or $300,000 per key.
The 165-room, four-star Algonquin hotel dates back to 1902 and is considered a New York City landmark. The property, which is known for hosting literary greats, completed a multi-million dollar historical renovation in 1998. The hallways feature antique fixtures and prints and the hotel s original marble stairs and iron banisters have been restored.
As recently as this year, more than $1.5 million was spent on projects including the installation of a new phone system, Internet access, new suite carpeting, new guestroom furniture and electronic in-room safes. Recent projects also include the refurbishment of the hotel s heating and air-conditioning systems and a new water tower. (3/28/01) Kelly Wayne